MINERVA FOODS REPORTS CONSOLIDATED GROSS REVENUE OF R$ 6,8 BILLION IN THE FIRST QUARTER OF 2023

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May 09, 2023, 18:28 ET

EBITDA was R$ 531,9 million, and net revenue was R$ 6,4 billion

SAO PAULO, May 9, 2023 /PRNewswire/ -- Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), a leader in the export of fresh beef and its derivatives in South America, and which also operates in the processed segment, informs its financial results for the first quarter of 2023 (1Q23) to the market.

Consolidated gross revenue in 1Q23 was R$ 6,8 billion, and R$ 32,1 billion in the twelve months to March 31, up by 7% on LTM1Q22 (LTM: Last twelve Months).

EBITDA in 1Q23 was R$ 531,9 million, with an EBITDA margin of 8,3%. In the last twelve months ended March 31, EBITDA was R$ 2,7 billion, with an EBITDA margin of 9%.

In 1Q23, net revenue was R$ 114 million, stable on the last quarter of 2022. It was R$ 654,4 in the twelve months ended March 2023, strong growth of 44,2% on LTM1Q22.

The company's net revenue totaled R$ 6,4 billion in 1Q23, and in the last twelve months ended March 2023 totaled R$ 30,1 billion, up by 6,1% on LTM1Q22.

Exports accounted for 62,6% of the company's gross revenue in the quarter, consolidating its leadership in beef exports in South America, with a market share of approximately 20%.

Net leverage in 1Q23, measured by the Net Debt/EBITDA multiple of the last 12 months, remained stable and ended the quarter at 2,6x, after the disbursement of R$ 245,2 million related to the acquisition of ALC (Australian Lamb Company).

Also noteworthy is the payment of complementary dividends after approval at the Shareholders' Meeting on May 2, of R$ 208,6 million, or about R$ 0,36/share. So, the payment of dividends totaled R$ 336,7 million, or R$ 0,58 per share, distributed in the form of proceeds for the fiscal year 2022.

About Minerva Foods
Minerva Foods is the leader in beef exports in South America and operates in the processed segment, selling its products to more than 100 countries. In addition to Brazil, Minerva Foods is present in Paraguay, Argentina, Uruguay, Colombia, and has plants specialized in lamb in Australia, totaling more than 20,000 employees. The company serves five continents with beef, lamb, and derivatives and currently operates 32 industrial units, 12 international offices, and 14 distribution centers.

Press Contacts:

Paola Souza
(+55) 11 96995-0110
[email protected]

Vanessa Oliveira
(+55) 11 99816-0627
[email protected]